…Puts WEMPCO Accounts Under Freeze
The Federal High Court sitting in Lagos has ordered the freezing of funds linked to Western Metal Products Company Limited and 16 affiliated companies across 27 commercial banks and financial technology platforms over an alleged ₦61.45 billion debt owed to United Bank for Africa Plc.
Justice Akintayo Aluko granted the interim Mareva injunction on April 2, 2026, in suit number FHC/L/CS/555/2026, following an application filed by UBA as part of its debt-recovery action against the WEMPCO group.
The order restrained WEMPCO and the affiliated companies from operating accounts, transferring funds or dealing with assets held by the affected financial institutions up to the sum of ₦61,445,695,993.76.
The court also directed the 27 banks and fintech firms to disclose to UBA and the court any funds standing to the credit of WEMPCO and the other corporate defendants and to preserve such funds pending further orders.
Justice Aluko further appointed Romeo Ese Michael as receiver-manager over WEMPCO’s unencumbered assets, including two Wärtsilä power generators identified in the proceedings.
UBA’s claim arose from a Multicurrency Multiple Credit Facility Agreement executed on September 30, 2019, under which the bank alleged that WEMPCO and the related companies accumulated an outstanding debt of approximately ₦61.45 billion.
The affiliated companies named in reports on the proceedings include Nigerian Enamelware Company Plc, Lagos Oriental Hotel Limited and Prime Nigeria Wood Products Company Limited.
The debt-recovery proceedings have now entered another phase following the issuance of Form 48, a notice warning of the consequences of disobeying a court order, against nine directors and shareholders linked to the conglomerate.
Those named in the notice are Lewis Shui Ngor Tung, Phillip Shui Che Tung, M.A. Ola Yusuf, Tung Lawrence Blake, Alli Aare Hadji Tokunbo, Paul Shui Po Tung, Tung Robert, C.L. Ip and Taiwo Alli.
The notice followed allegations that the individuals interfered with or obstructed the operations of the court-appointed receiver-manager while he attempted to take control of assets covered by the interim order.
Form 48 does not, by itself, amount to a conviction or an immediate order of imprisonment. It formally notifies the persons concerned that continued disobedience could result in committal proceedings for contempt of court.
The affected executives could consequently face imprisonment only if the court subsequently finds, after the required proceedings, that they wilfully disobeyed its orders.
Among those named, Taiwo Alli is identified as the Managing Director and Chief Executive Officer of Nigerian Enamelware Company Plc, while Robert Tung serves as a non-executive director of the NGX-listed company.
UBA maintained that the freezing and receivership orders were necessary to preserve funds and assets that could be applied toward satisfying the alleged debt while the substantive case remains pending.
The orders obtained by the bank remain interim measures and do not constitute a final determination that WEMPCO and the affiliated companies owe the entire amount claimed.
WEMPCO, its related companies and the individuals named in the contempt notice retain the right to challenge the bank’s claims, the interim orders and the allegations of interference before the court.
